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Consider the two economies shown in Figure 3.1. When there is free trade, are we sure that each country should specialize completely in producing only one of the products? For instance, perhaps each country should shift along its production-possibility curve only about halfway from the no-trade production point S0 to the intercept point S1. If the countries still traded with each other at the relative price of 1 W/C, would producing at the halfway point be better or worse for each country (compared to completely specializing at point S1)?
Write down the main differential equation of the SOLOW model when productivity is constant. Use the equation to explain intuitively how capital per capita, k(t), evolves over time. Us the equation to define the steady state level of capita per capita..
Explain how Real GDP is derived? Explain what Demand and Supply Shock are? Give an example of each that have occurred in our economy in recent history? How do you determine the optimal production level for your product? Explain.
Which of the following are examples of the shortsightedness effect? During the last 45 years, the U.S. federal budget has been in deficit (annual tax revenue fell short of annual government spending) 40 times. In 40 of the past 45 years, the legislat..
q1. cuties farm produces and sells milk. the market is perfectly competitive. the market price of milk is 2.50 per
Gene has the following utility function: U = XY + 2Y, the Px = $4, the Py = $1 and I=$6. Is the MRSx,y increasing, decreasing, or constant with respect to X? What is the slope of the budget constraint? Find the optimal X and Y.
Illustrate what kind of factors are contained in u. Are these likely to be correlated with level education.
Using the tools of supply and demand and the competitive market, demonstrate graphically and explain the difference between a "gas crisis," in which prices are rising, and a "gas shortage."
Use the sticky wage theory of aggregate supply to explain what will happen to output and the price level in the long run. What role does expected price level play in the adjustment?
The country of origin can influence a consumer’s perception of the quality of the product. What can a company do to overcome a negative attitude about the product’s country of origin?
Fred was suffering from a nasal tissue blockage that could be corrected either through an operation or with medical treatment for about two months. Fred's doctor clearly told him that the condition was not acute and he did not need surgery.
A small company sells medical supplies to hospitals. Management wants to assess the efficacy of the company’s advertising, and an analyst has produced the following three regressions: Why is the coefficient on advertising different in the first two r..
In year 1, nominal GDP for the US was 2,250 billion and in year 2 was 2,508 billion. The gdp deflator was 72 in year 1 and 79 in year 2, real gdp rose by? The answer has to be in percentage
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